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family to see it at private screening in hawaii. after the movie obama was like so that is what it is like when something lives up to its hype. >> ouch. that is the last call. thanks for being with call. thanks for being with us tonight. >> glenn: hello, america. tonight we'll take on the economy. we have done our homework, our research. a lot of over the last year. tonight i just want to focus on the economy. i'm going to close the case on what is -- what barack obama has said is the fundamental transformation of our country. i believe it's the destruction of our monetary system. we've got a lot of work to do, so buckle up. here we go! ♪ ♪ >> glenn: hello, america. i brought my tv in from my childhood because i want to show you old clips tonight. tonight, i'm going to give you a hard concept to get your arms around. this one is difficult. this is what i think stops us from advancing any argument.
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this is a concept where you have to come to believe that there are people in this country who want to intentionally collapse our economic system. how could any american in any party, anybody who disagree with want to collapse and do something like that? well, those involved sleep fine at night, because they tell themselves that they are not collapsing, they are just fundamentally transforming america into something they believe will be better. it is the progressive movement in which these people are involved. it started at the turn of the last century. it just want to show you a little bit of what the progressive movement really was. most people don't know. they hear progressives and they think it's okay. progressive, these are the people that gave us the federal reserve. they brought us that concept. they brought us the concept of redristibution of wealth through a progressive income
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tax. got it? they told us at the beginning that only the rich, the very rich would be affected by this. we all pay income tax now, don't we? or at least 50% of us do. these are the same people who felt they knew better about your health than you did. they said well, people don't understand that alcohol is bad and they just won't stop drinking so they gave us prohibition. these are the progressives. they also first started with a league of nation. america rejected but they learned their lesson and they jammed through the u.n., the next try. then they also are the people that brought us the idea that the constitution is fatally flawed. and it evolves. they stopped teaching the constitutional law and they started teaching only case law in our universities around 1920. and they are also the people that told us that the founders were just rich, evil white guys, they were racists. that's the progressive movement. now, something else you need to understand. progressives don't speak the
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same kind of language that you and i do. economic justice, that's marxism, taking from the haves and giving to on the the have not. social justice, what is that? i'll quote mark lloyd, a guy i introunsed again to you last night. someone needs to step down so someone else can have a turn. transforming america. it would say that that means -- i would say it means collapsing the system as we know it and rebooting it auz progressive utopia. none of the language is the same and that's why people get lost. what they call socialist or communist, they call social justice or progressive. it's critical to understand, because it's really what helps these people sleep at now and what is allowing them to get away with it. they really believe they're making things better. and they are about to finish the process that they started over 100 years ago. they learned from their early failed attempts to transform america back around the turn of last century.
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with the league of nations. it failed. that made, that made this guy, woodrow wilson, crazy! he said this is god's work. well, what did they learn? let me show you. they learned three things. see if any of these sound familiar like today's america. to transform -- this is what they learned with the united states and the league of nations. you have can't have a long debate. this is what they did with the league of nations. they let people debate. no, no, no. you have can't have a debate. you also can't tell everybody your plan. you have to have it secret. got it. nancy pelosi i mean and the secret meetings today and no debate on global warming. it's over. then the third thing they learned never let a good crisis go to waste. well, as we discuss all of these things i want you to keep watching tonight with your eyes. you will see what i'm going to lay out for you tonight.
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people trying to collapse our economy. but remember, progressives see this as a fundamental transformation. something better than we've already had. as promised, by president barack obama. >> we are five days away from fundamentally transforming the united states of america. >> glenn: all right. so let me introduce you to the people who you would say are fundamentally responsible for unsustainability and possible collapse of the economic system. two people. cloward and francis fox pivens, author of the cloward pivens strategy. this is not a conspiracy theory. they wrote about collapsing the economy and how they plan to do it in an article they coauthored in the 1960s. then six months later it was in the nation, under the weight of the poor. strategy to end poverty.
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what is the strategy and who is involved. do you remember over the summer, the program the tree? watch this. >> the roots of the true tree o radicalism. it's saul alinsky and woodrow wilson and how it's made progressive. here are the roots. fds for the democratic society. cloward and pivens say this is what we should do. collapse it on their own weight. cloward and pivens. they're using the same tactic. they overwhelmed the system. and look who the president has. wade ras i can, up the tree. dale, up the tree. ayers, up the tree. bill jones, up the tree. cloward and pivens had a split.
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they were, they were rat c radi columbia professors in the 1960s who believed by change and social justice and inspired by the riots in l.a. in 1965 and wrote and published their article outlining the best way to bring the type of saul alinsky social change to america. in their estimation in the '60s, overwhelmed the system. but they had radicals and they said no, we want to bomb things. they said no, no, do it the smart way. overwhelm the system and bring about the fall of capitalism by overloading the government bureaucracy with impossible demands. and bring on economic collapse. haif instrucked their activists if a crisis didn't exist, think of this, promote or manufacturer one by exaggerating some unthreatening predicament. does healthcare come to mind? we have doctors taking out tonsils and cutting off patient's feet? really? how about global warming? their methods worked for years.
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from 1965 through 1974, due to strategy and effort of cloward and pivens and their followers, the total recipient on welfare rocketed from 4.3 million people to 10.8 million. in 1975, there were nearly one million welfare recipients in new york city alone. that year, new york city declared bankruptcy. the whole state nearly went down with them. if you are my age, you remember this. it was cloward and piven. in 1998 as he was still trying to deal with the fall-out, 20 years later mayor giuliani referred to the cloward pivens strategy describing the economic sabotage. watch this. >> this wasn't an accident. it wasn't an atmospheric thing. it wasn't supernatural. it was the result of policy, choices and a philosophy that was embraced in the 1960s. and then enthusiastically endorsed in the city of new
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york. >> okay. he went on to say that this is the result of policies and programs designed to have the maximum number of people get on welfare. in the end, it didn't work for one reason. because americans became horrified with the welfare state situation. as a result, cloward a and piven and their devotees figured it out. they need to be in the system. we show how they've done that. here we go. >> follow the alliance which he is the head of in new york. the stimulus bill. i'm outlining earlier this summer the stimulus bill was written in large part by the apollo alliance. whose on the board of the apollo alliance? one of the alum is van jones. in new york, the apollo alliance is headed by this guy. jeff jones. that is his mug shot there and his fingerprints. he is a partner for bill ayers. why does he have a mug shot? because they're grouped, the
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weather underground was bombing the united states. got it? by the way, bill ayers, the guy who is in his living room, barack obama launched his political career in chicago. we showed you george sorros a way to fund and they went to one of the poorest sections in new york and gave away hundreds of somehows of dollars worth of your tax dollars. stimulus money. gave it out. we show you the acorn connection. the community organizers receive untold billions in your money despite massive voter registration fraud and corruption. still, congress will not turn off the spigot for more than 60 days. does it sound like someone is trying to overload the system yet? how about if i throw in tarp, massive inexplicable bail-out that america didn't want for people obama himself described as fat cats. by the way, you have progressives in both
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parties -- this is not a democratic party thing. john mccain is a progressive. you had the republicans and the democrats to thank for tarp. trillion-and-a-half dollar healthcare overhaul that less than 36% of the american people want. got that going for you. obama along with the house and senate democrats are forcing this down the throat of americans. they say it will only cost us a trillion dollars, because get this thinking, it will save us money by making cuts to medicare. yet, at the same time they're expanding medicare and medicaid. medicare is a program with $74 trillion in liability. already, again, the idea, get as many people on government assistance as possible. does that sound like that's what is possibly going on here today in america? this latest class of progressives has taken the c canloward piven to new level.
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tarp money. people who didn't deserve it. if you are a bank and can't figure out the guy at the car wash can't afford a $2 million house, you don't deserve to be a bank. but, barney frank and his friends threatened the the banks and said if you don't give out the risky loans to people who can't afford them, well, then you have us to deal with. even the guy who signed off on tarp, progressive himself, george bush warned that tighter restrictions and regulations were needed for fannie and freddie. a progressive saying fannie and freddie is in trouble. he didn't warn once or twice, he warned 17 times. the stimulus package, millions of dollars. going to fund non-existent projects in districts that don't even exist. we'll get into that later. frank and dodd. they learned the lesson from the '70s. you have to be in the system to be able to really collapse it. and they are certainly part of it. now, i suppose there are
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people that mainly are funded by george soros that will get on the blog and say it'sing in but a conspiratorial nonsense. again, let me show you rudy giuliani saying it back in 1998, long before i had ever heard of cloward and piven. >> this wasn't an accident. it wasn't an atmospheric thing. it wasn't supernatural. it was the result of policies, choices, and a philosophy that was embraced in the 1960s, and then enthusiastically endorsed in the city of new york. >> glenn: okay. after the nation of americans that were tired of able-bodied welfare recipie recipients taking money from hard-working taxpayers, cloward and piven decided to turn their methods to something else. they were going to overwhelm the system all right. wait until you hear this. they decided to get into voter registration. they started a group like human serve. they worked with another
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group. project vote. gosh, that's tied to acorn. isn't that also a group tied to president obama? john fun reports that barney frank and chuck schumer now are about to introduce -- hold yourself -- universal voter registration. what this is, if you are on any federal roll at all, you're automatically a voter. you are receiving welfare, food stamps, homeowner, unemployed, you are automatically, automatically a voter. we'll talk about that more later this week when we get into structure. and what they're collapsing us into. but make sure you ponder that for the next couple of days. if acorn can automatically register everyoeveryone, well, maybe that just explains why members of congress don't care about their poll numbers. why they don't listen to you anymore. this is the same acorn that has already been indicted for voter fraud all over the
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country. cloward and piven lobbied for the voter law that is blamed for getting the deadwood fraud on the voter rolls. invalid registrations, signed by dead people. ineligible and non-existent. they're voting because of this bill. signed in 1993 by bill clinton. when he kli signed this bill ino law, guess who was there. watch carefully. we're about to approach. oh boy. okay. we see, wait a minute. who is that lady? do i recognize that lady? i recognize her. oh, and who is standing next? cloward and piven. richard cloward and his wife francis fox piven. currently honorary chair of the democratic socialists of america. it is hard to get your arms around this. it is hard to believe that
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our country has people in it that would want to fundamentally transform it into something else. but believe you me, just because you or i had never heard of this pair, this dynamic duo until recently, don't you think for a minute that they haven't been heroes to the left for years. bill clinton knew exactly who they were in 1993. no doubt, back in 1965. you may not have heard of cloward and piven, just like you may not have heard about saul alinsky until recently. let he give you a couple of pieces of information here. this is hillary clinton's thesis, this is her thesis in college. the name of it is, "there is only the fight: an analysis of the alinsky model." you may not have heard of these people, you may have just assumed that all americans when you did hear about them would feel the
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same way about them as you do. repulsed. but you would be wrong. in fact, let me give you the evidence i gave you last night. here is a statement made just two days before christmas from chris matthews to show us that no, we are not all on the same page. >> one of our heroes from the past from the '60s saul alinsky. back >> glenn: back to one of our heroes saul alinsky. so we go back to the board. we the progressive movement. we see the transformation and the things they learned. we have spending to collapse. the spending bill done by apollo. we have acorn, we have tarp. now unlimited amount in tarp, we have universal obama care. expanding medicaid which is already in the hole $74 billion. we have state bribes. record number on unemployment since 1983. and here is a great one. a record number on government assistance as the sole source
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of income. this is a record number in all of history of america. i got news for you. on overloading the system, on purpose to bring about what i would call systemic failure and catastrophic collapse, but what they would call fundamental transformation of america. america, i got news for you. case closed. but we have more. the stimulus package. proposed to save the economy and create jobs. really? the evidence that it's not really happening next. :w:w
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>> glenn: i'm trying to lay everything out for you that we covered last week and show you the facts as we know them. because there is a lot of disinformation, a lot of smear tactics about me and this program and about what we talk about every night. if i'm wrong, they can call that phone at any time. the white house has the phone number. it's imperative, though, that you see the case closed from last year, because we've got to move on. we're not going to be arguing these things anymore. if you watch all this week, you will see this is true. this is true. all right. so we just gave you the basics of cloward and pivens. well, maybe you can find other rational explanation for what is going on. i can't. if the white house would like to explain it, and explain how they feel about cloward and piven and the stuff, they can call us and i will gladly put them on the air. i can't make sense of anything the obama administration and congress is trying to do right now without including cloward and
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piven. well, the stimulus package, here is one, it was supposed to save the economy, right? in fact, we were told if it's not passed immediately, the united states may never recover. after the fear mongering was over and the objections of the vast majority of americans, they just went ahead and passed it. $787 billion. well since then, we have lost over 4 million jobs in 2009. the administration claims, however, at that they saved or created more than 640,000 jobs. i don't really know how that works. by the way, that amounts to spending more than $240,000 per job. wow! total compensation earned by the average employee in october was $60,000. if we would have just spent the stimulus money, you know, we could have used that stimulus money to pay for a year's worth of labor, we
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could have created 2.6 million jobs and everybody would have worked for a whole year. but that wouldn't make sense, would it? no. that's why they did it this way. let me give you a few examples of how they've done this inexplicable disaster. a georgia community college. they reported creating 280 jobs with $200,000 -- $240,000, i believe, of recovery money. in reality, they report no jobs were created. florida healthcare center said its $986,669 of stimulus money saved 129 jobs. actually they just gave everybody a raise. your tax dollars gave 129 people a raise. would have about how about this? the federal government said
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they created 4,231 jobs created with -- i like this one -- $28.3 million. that one, that one didn't really -- that one really didn't work out so well. these people were actually employ employed for five weeks. i believe it was 3,000 people working at a call center for five weeks. that one is a great -- i'm glad -- that was a good investment there. wasn't it? how about this? $1,047, they say it saved $50. it was in arkansas. you know what they bought? lawnmower. lawnmower. how did a lawnmower, mowing the lawn in a cemetery save 50 jobs? then, of course, we have chrysler. they received $52.9 million for stimulus money to order new government vehicles. the struggling auto maker
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claimed they didn't save a single job with that one, but thanks for the purchase of the new automobiles. really? you know what they should have dodone. maybe we should have take then money and bought lawnmowers. then the army corps of engineers ordered nine pair of work boots. nine pair of work boots. i can't get an answer on this one, but they say that created nine jobs. give a man a boot, and he'll never stop working. is that it? the job creation possibilities, oh, if they would just throw in a pair of socks. the does this make sense to you? or does this seem like excuse me, but bull crap. this is bull crap. let's not forget the recent healthcare reform bribes. louisiana, nebraska, apparently -- a couple of
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states, there are just a few of the states that received bribes so we have healthcare to get it passed, we have to bribe. the cbo says the special adjust in the the bill, which is applied only to louisiana, at $100 million cost to the federal government but they say actually it's $300 million. at least the representative does. in nebraska, vermont, massachusetts, cbo determined equitable support for certain states would be $1.2 billion over a ten-year period. with vermont receiving $600 million, massachusetts receiving $500 million. and ben nelson getting the federal government to pick up his state's medicaid forever. hmm. that is not real good. healthcare reform bill does nothing. it was originally intended to do. it doesn't cover everybody. millions of americans are going to be left out. it doesn't lower cost. it raises cost and taxes a lot.
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cbo estimate that state's spending on medicare and -- medicaid and s-chip will increase their cost another $26 billion for the states' increased cost. congratulations state lovers. then there is the expansion programs. the expansion programs would be another -- i think it's $365 billion. oh, by the way, senator tom harken suggested that nelson got the bribe for his state, that all the states are going to get the same deal. perfect! especially when the program is already liable for $74 trillion. that we don't have. surely the new deal for fannie and freddie make sense, though, right? congress just lifted the ceiling for taxpayers' exposure on the two giants that led the way into the subprime mortgage disaster. they're now going to receive unlimited help. don't worry about the help. we'll help anybody.
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we own 50% of the mortgages now in america. the federal government does. and the government improved compensation for the company's top executives of up to $42 million for their superb working, driving the government sponsored entities in the ground just this past year. this after denying a penny's worth of compensation to other top executives at evil financial institutions. like bank of america ceo. by the way, the institutions were the institutions that the government claimed they would never bail out. now fannie and freddie have morphed into a never-ending black hole sucking the money out of your wallet forever. it's interesting how in a year that deal went from no bail-out to okay, this bail-out, just once, to a never-ending bail-out. the reason why i say it's funny because i believe what i predicted over a year ago for fannie and freddie, and it's what i predict for healthcare today. it will be fully funded. it will be universal. it will fundamentally
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transform america. it's just a matter of time. let's look at the board. look at the board. we have stimulus, we have healthcare reform, we have medicare and medicare -- we have jobs that don't make any sense. let me ask you. do any of these things make sense? any of them? do you understand the bills? do you understand what they've written in the bills? no debate. you can't understand them, keep them secret. and you've got to act right now. that is the cloward-piven strategy. do you understand the bills? the answer is no. let me tell you something. why would we do them? you know when the dot coms went belly up, warren buffett, a supposed supporter of the president, president obama, at least in the beginning, he said this with the dot com bubble. watch. >> it's your responsibility if you're buying. there has to be a reason. and if you can't state the reason, you shouldn't buy it. >> glenn: okay. can you explain how any of that stuff works? any of it?
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do you understand the healthcare bill? do you understand the stimulus bill? well, then why are we buying it? how much more important is it to apply common sensense and warren buffett's ideas to what we're doing to our country? let me tell you something, the stimulus, the healthcare bill, all of the things that washington is doing now, does it make sense to you at all? no? case closed. ♪
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spreading it to others. number 3: always cover your sneezes and coughs. and number 4: wash your hands frequently. [running water] for the latest information in flu prevention tips, please visit in flu prevention tips, please visit, but
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join me at the top of the hour for "special report." >> glenn: do you remember how horrified you were when you learned that bernie madoff swindled people out of billions of dollars and ruined the lives of countless investors?
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how about ken lay and enron? they are the ultimate bad guy in america. universally hated. it wonder what it will take before the federal reserve will elicit similar response in america. the fed should horrify every single american. because what they're currently doing makes bernie madoff and enron look like petty thieves. two years ago, two years ago, i urged americans to study the mymar republic. >> i urge poem people to read on the weimar republic. >> the liberal bloggers are taking a break from the world of war craft to type glenn beck is comparing barack obama to littlit wil hitler aga. weimer preceded hitler. i bring it up because of what caused the the economic collapse in germany. they monotized their debt. this is something that ben
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bernanke promised us he would not do. >> the federal reserve will not monotize the debt. >> glenn: okay. will not monotize the debt. that was me showing you that months ago. i showed it last year. then i showed that's what we're doing. monotizing our debt. do we have it? >> a couple of weeks ago, last week that it happened? yes. last wednesday and thursday. >> glenn: okay. here i am, we're showing the monotization of the debt. on that episode, i showed you the receireceipt, just like in weimar. when i bring all this up, economists say that was germany! this is america! our economy just can't collapse like that. yeah. then i'm called a fear monger. i was called fear monger in chief for 2009 by seiu. then there is stuff like this on tv. >> no one pushes fear of economic collapse or gold
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better than glenn beck. >> glenn: yep. i'm the fear monger. i'm just trying to -- get this. i'm just trying to scare you for ratings and profit. no seriously. talking about monotization of debt and bond yields for ratings? that is brilliant! have you seen all the spinoff shows and treasury securities that we have inspired? my gosh, it's amazing. when you see a bond tv show, or monotization of debt, yeah. that was me. i've got a new series called james bond, except there are no chicks, in guns, just people in the shadows printing worthless money. it's going to be a ratings giant! i'm talking about the monotization of debt, not for ratings. nobody does that if they're sane. i left myself open for that, didn't i? i talk to you about it because it's real. it's important to the survival of our country. quite honestly, you and your family. that's exactly what the fed
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is doing right now. i showed you the receipts. i showed them to you. look at the receipts. it's the same number. they're $5 billion. this is the receipt. $5 billion being sold and then moving over to the fed again. they're just moving the money around. it's a shell game. like bernie madoff. all right. let me show you the game being played. it's quite easy. it really is. the fed says we're going to sell some bonds. we're going to sell some debts. well, they try to sell it and they've got a seven year bond they want to sell. so the fed takes this bond and they sell it to the buyer. right? after ten days, 47% of the buyers, 47% of these buyers sell their treasury bonds to the fed. how does that work exactly? it's a game.
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it's secondary markers. now, here are the latest numbers on who is purchased the united states debt in 2009. the amount of debt that the u.s. government would have to issue to balance the budget in 2009 is so large, over $2 trillion that it seemed impossible for all major treasury buyers to meet the increased demand, especially given the state of the economy. do you want to buy basically stock in america? especially when they're just printing stock in america. well, the buying power, nobody thought it would be there. somehow or another the debt was all bought up. who is buying? well, according to spro sprock asset management -- this will be a ratings getter -- there were three major buyers in the first quarter of 2009. the first is foreign and international buyers. okay. foreign and international buyers. they bought just about $700
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billion of our debt. the second group, the oh, so popular other investors, other investors. how much did they buy? $510 billion. by the way, other investor, they only accounted for $90 billion last year. yeah. that's a big increase of the other investors. then you have the federal reserve. the federal reserve. the fed bought the bonds last year. they bought $286 billion. the year before that, kind of like the other investors, that's a 60% increase. wow! so, the other investors is skyrocketing. it's on pace to buy $700 billion in treasuries. that is weird! isn't it? oddly enough, the group other investors so loosely defined that it doesn't explain very
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much. almost the perfect hiding place for the fed. right now bernie madoff is sitting in his cell going man, i should have -- why wasn't i in the fed? i'd love to assign motivation behind what the fed is doing, but it look like they're just trying to artificially inflate the value of the bonds as they monotize the debt in the process. the capital to invest this much in bonds is not there. yet bond buying is at unprecedented levels. does it make sense to you? well, no. but we don't really know enough. we don't even know who owns the fed. we don't know who exactly is scoffing up all the debt. you see they do everything in secret. where did i see that? no debate. keep it in secret and a crisis. wow! of course that's just speculation. because they only answer to their private corporation pocketbooks. not you, not me, not to president, not to congress. no one. take out any piece of money
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out of your pocket. the wallet. look at it. can you zoom in? zoom in at the top. it's not your money. it's a federal reserve note. that's who this is. this is not the united states property. this is property of the federal reserve. they are the ones vouching for this. they're the ones refusing to answer questions about what is on their books. one thing we know for sure is we don't know who is buying the bonds. but we know there are some of the the most savvy bond investors in the world doing it. who else is buying bonds? and what does it mean for you? next.
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>> glenn: hi, welcome back to the program. man, we have a lot of great things. i want to talk to you about
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pimco, a company with some of the most safvy bond investors in the world. and other companies that made know they're not buying the fed's line that bonds are suddenly in demand. pimco is taking an uber cautious stand on bonds because of massive borrowing in the u.s. foreign investors who i just told you last segment bought up $697.5 billion in bonds through three quarters in 2009. they're also starting to pull back from u.s. bonds. china. china is now doing it. the largest foreign owner of american securities has expressed concern over the mounting debt in the u.s. the people's bank of china, deputy governor said recently that the u.s. can't continue to expect foreign countries to increase their holdings in treasuries, adding that doubling holdings is, "definitely impossible." so what happens when we get to that point? china and other investors stop financing our debt growth. which is unstoppable.
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well, there are three options. one, we sober up. and miracle happens. the stimulus package and all the stuff we've done worked. i come on the television and say i was wrong. all of this is -- everything i said was wropg and i apologize mr. president, you saved the country. that's the first one. the second one is the fed and the treasury and the government decides to print up more money and make up for the shortfall because nobody is loaning us more money. the third is they can stop printing money. if you print money, money is worthless, hyper inflation. this one, if you stop printing money, well, then you get what is behind door number two. that is another depression. everything comes to a grinding halt. programs lose funding. social security checks go unpaid. it's not just another great depression, it's the great depression times 100. this is the reason why i told you two years ago, please, study the weimer republic
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because german politicians were faced with the same situation that we're entering into now and they chose the same thing, we have to do something politicians are choosing to do. print and hope that something else happens. that leads to the pleasant option behind door number three. hyperinflation. you don't know what hyperinflation looks like, it looks ugly. real ugly. the value of money drops so fast that you have to immediately run out and spend your paycheck. do we have a picture of the weimer hyperinflation? here is a guy, this is money to go buy a loaf of bread. weimer hyperinflation. wheelbarrow money. loaf of bread. monotizing your debt ends the same way in the history of the world, it never ended any other way. but we're america. so i'm sure the laws of economics and physics will just bend for america. you have to ask yourself, are the people in washington this stupid that they think they
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can get away with this? or is it part of cloward and piven? well, i don't think that they're stupid. it's not a coincidence that seemingly every economic initiative this administration pursued leads us down unsustainable path, like the latest debacle with unions and pe pension plans, something again i warned about over two years ago. i'll share that with you
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>> glenn: let me start off this segment with two things right off the bat. car companies fail because of bad management and corrupt unions. the workers are not to blame. they understand hard honest work. the union leader, however, like this guy andy stern have become global progressives and he understands clearly what i'm talking about. >> workers of the world
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unite. it's not just a slogan anymore. it's the way we have to do our work. >> glenn: okay. unions and pengs a s a pensions of the plan to collapse our economy. i'll start with the united auto workers. for years they weighed down auto companies with strict work rules, they have healthcare obligation and retirement benefit. workers retiring after 30 years on the job no matter what their age. according to investors business daily, g.m. spent $103 billion during the past 15 years funding pension and retiree healthcare obligations. almost $7 billion a year is coming out more than g.m.'s capital spending for new car models in 2009. you got it? they spend more satisfying the unions than planning new cars. according to the "l.a. times" to fund the healthcare pension and employee post retirement benefits, $2,000 is baked in the price of every uaw built vehicle.
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that doesn't cut it when you try to compete with the other car companies based in other countries who don't have the union weight around their neck. where did the, where did the u.s. auto companies, where did they get them? well, they got the auto bail-out. the total government commitment of $85 billion to g.m., chrysler, gmac and chrysler financial. the pension mess is unsustainable. we haven't hit that yet. gee, who could the unions pass that off to? i don't know. maybe the government. the taxpayer. why does this sound familiar to anyone who has been listening or watching me over the years? watch this. >> my theory was that -- this is when g.m. i think was negotiating with the unions and they were trying to get this monkey off their back of the pension, and they were trying to give them to the unions. do you remember this? and i said the unions are going to take them but the unions aren't going to be able to afford them. what are the unions going to do, they're going to try to
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jam it on to the state and jam it up to the federal government. and we'll nationalize the pensions. >> glenn: that was two years ago during the bush administration. it's not just the uaw and auto companies public pensions are going to add to our downfall. it is coming. this week in an interview with a financial times -- chairman of the new jersey pension fund says the u.s. public pensions face the deficit much worse than anyone had thought. we face now a deficit of $2 trillion. he says most people use old accounting models and assume unrealistic future returns on investments. he's just looking at it realistically. but who wants to look at a bleak future and prepare for the worst? yet still hope for the best? i would. i think you do, too. case closed.ashe
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>> i asked at the beginning of the show, is this the intentional collapse of ouryou financial system?

Glenn Beck
FOX News January 6, 2010 2:00am-3:00am EST

News/Business. Guests discuss the day's top political, entertainment and business stories.

TOPIC FREQUENCY Cloward 12, Piven 10, Glenn 8, New York 5, Freddie 5, Obama 4, China 4, Bernie Madoff 4, Chrysler 3, Monger 3, Weimer 3, Washington 2, Massachusetts 2, Vermont 2, Enron 2, Louisiana 2, Nebraska 2, Germany 2, New York City 2, Barney 2
Network FOX News
Duration 01:00:00
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Audio Cocec ac3
Pixel width 704
Pixel height 480
Sponsor Internet Archive
Audio/Visual sound, color

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